Polygon ID, the digital identity arm of Polygon Labs—one of the largest blockchain companies in the industry—has spined out and rebranded as Privado ID to meet the global demand for digital identity and reputation solutions.
Spinning off from Polygon ensures Privado ID’s neutrality and allows it to establish strategic partnerships with onchain and institutional organizations alike. This includes notable initiatives with several multinational banking and financial service companies.
Privado ID aims to address the urgent need for secure digital ID to combat the rising threat of online theft and fraud—which costs over $40 billion annually in the US alone—and counter increasingly sophisticated threats from AI-powered deepfakes and misinformation.
“Privado ID’s identity infrastructure empowers everyday people and lowers the cost of trust across industries,” Antoni Martin, Privado ID Co-founder, said in a statement.
According to the company, “Privado ID’s technology, with its emphasis on privacy, user control, and interoperability, will revolutionize how individuals, agents, and organizations find each other and interact in connected spaces, lowering the cost of trust and mitigating the risks of identity theft, fraud, and misinformation.”
“Our commitment to remaining protocol-agnostic aligns perfectly with the idea that unified data is essential for blockchain interoperability and enhancing user experience, both of which are crucial for the success of Web3,” Martin added.
Read Also: Sam Altman’s Worldcoin launches World App, Bringing Decentralized ID and Finance to Billions
